Debt to Equity
since 2013
Calculation
IQVIA Holdings Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Long-term debt, including current portion1 | ÷ | Equity (deficit) attributable to IQVIA Holdings Inc.’s stockholders1 | |
|---|---|---|---|---|---|
| Dec 31, 2022 | 2.21 | = | 12,747) | ÷ | 5,765) |
| Dec 31, 2021 | 2.01 | = | 12,125) | ÷ | 6,042) |
| Dec 31, 2020 | 2.09 | = | 12,533) | ÷ | 6,001) |
| Dec 31, 2019 | 1.94 | = | 11,645) | ÷ | 6,003) |
| Dec 31, 2018 | 1.64 | = | 11,007) | ÷ | 6,714) |
| Dec 31, 2017 | 1.26 | = | 10,225) | ÷ | 8,109) |
| Dec 31, 2016 | 0.83 | = | 7,200) | ÷ | 8,633) |
| Dec 31, 2015 | — | = | 2,468) | ÷ | (564) |
| Dec 31, 2014 | — | = | 2,293) | ÷ | (704) |
| Dec 31, 2013 | — | = | 2,046) | ÷ | (667) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
1 US$ in millions
The financial trajectory from 2013 to 2022 is characterized by a significant expansion of long-term debt and a fundamental shift in the equity structure. An initial period of negative equity was followed by a substantial capital restructuring in 2016, after which the leverage ratio exhibited a consistent upward trend.
- Debt Accumulation
- Long-term debt grew from 2,046 million US$ in 2013 to 12,747 million US$ by 2022. The most pronounced increase occurred between 2015 and 2016, during which debt levels nearly tripled. This growth continued steadily through 2022, reflecting a persistent reliance on borrowed capital to fund operations or acquisitions.
- Equity Dynamics
- A stockholders' deficit was maintained between 2013 and 2015, with values ranging from -667 million US$ to -564 million US$. A dramatic reversal occurred in 2016, as equity shifted to a positive balance of 8,633 million US$. Following this peak, a gradual erosion of equity is observed, with the balance declining to 5,765 million US$ by the end of 2022.
- Debt to Equity Ratio Analysis
- The debt to equity ratio became a measurable metric in 2016, starting at 0.83. From 2016 to 2022, the ratio experienced a steady climb, reaching 2.21. This progression indicates a strategic shift toward a more highly leveraged capital structure, as the growth in long-term debt outpaced the available equity. While a marginal decrease occurred between 2020 and 2021, the overall trend points to an increasing proportion of debt relative to shareholders' equity.
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Comparison to Competitors
IQVIA Holdings Inc., debt to equity, long-term trends, comparison to competitors
| IQVIA Holdings Inc. | AbbVie Inc. | Amgen Inc. | Bristol-Myers Squibb Co. | Danaher Corp. | Eli Lilly & Co. | Gilead Sciences Inc. | Johnson & Johnson | Merck & Co. Inc. | Pfizer Inc. | Regeneron Pharmaceuticals Inc. | Thermo Fisher Scientific Inc. | Vertex Pharmaceuticals Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2022 | 2.21 | 3.67 | 10.64 | 1.27 | 0.39 | 1.52 | 1.19 | 0.52 | 0.67 | 0.37 | 0.12 | 0.78 | 0.03 |
| Dec 31, 2021 | 2.01 | 4.98 | 4.97 | 1.24 | 0.49 | 1.88 | 1.27 | 0.46 | 0.87 | 0.50 | 0.14 | 0.85 | 0.06 |
| Dec 31, 2020 | 2.09 | 6.58 | 3.51 | 1.34 | 0.53 | 2.94 | 1.73 | 0.56 | 1.26 | 0.63 | 0.24 | 0.63 | 0.07 |
| Dec 31, 2019 | 1.94 | — | 3.09 | 0.91 | 0.72 | 5.88 | 1.09 | 0.47 | 1.02 | 0.83 | 0.06 | 0.60 | 0.09 |
| Dec 31, 2018 | 1.64 | — | 2.71 | 0.52 | 0.35 | 1.30 | 1.28 | 0.51 | 0.94 | 0.66 | 0.08 | 0.69 | 0.13 |
| Dec 31, 2017 | 1.26 | 7.33 | 1.40 | 0.68 | 0.40 | 1.18 | 1.64 | 0.57 | 0.71 | 0.60 | 0.11 | 0.83 | 0.29 |
| Dec 31, 2016 | 0.83 | 7.95 | 1.16 | 0.41 | 0.53 | 0.74 | 1.39 | 0.39 | 0.62 | 0.71 | 0.11 | 0.77 | 0.71 |
| Dec 31, 2015 | — | 8.03 | 1.12 | 0.47 | 0.54 | 0.55 | 1.20 | 0.28 | 0.59 | 0.60 | 0.10 | 0.59 | 0.86 |
| Dec 31, 2014 | — | 8.62 | 1.19 | 0.53 | 0.15 | 0.52 | 0.80 | 0.27 | 0.44 | 0.51 | 0.18 | 0.71 | 0.75 |
| Dec 31, 2013 | — | 3.28 | 1.45 | 0.55 | 0.16 | 0.30 | 0.58 | 0.25 | 0.50 | 0.48 | 0.26 | 0.62 | 0.36 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
Comparison to Sector (Pharmaceuticals, Biotechnology & Life Sciences)
IQVIA Holdings Inc., debt to equity, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| IQVIA Holdings Inc. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Dec 31, 2022 | 2.21 | 0.80 |
| Dec 31, 2021 | 2.01 | 0.93 |
| Dec 31, 2020 | 2.09 | 1.12 |
| Dec 31, 2019 | 1.94 | 1.09 |
| Dec 31, 2018 | 1.64 | 0.93 |
| Dec 31, 2017 | 1.26 | 0.87 |
| Dec 31, 2016 | 0.83 | 0.79 |
| Dec 31, 2015 | — | 0.68 |
| Dec 31, 2014 | — | 0.55 |
| Dec 31, 2013 | — | 0.52 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
Comparison to Industry (Health Care)
IQVIA Holdings Inc., debt to equity, long-term trends, comparison to industry (health care)
| IQVIA Holdings Inc. | Health Care | |
|---|---|---|
| Dec 31, 2022 | 2.21 | 0.72 |
| Dec 31, 2021 | 2.01 | 0.80 |
| Dec 31, 2020 | 2.09 | 0.92 |
| Dec 31, 2019 | 1.94 | 0.90 |
| Dec 31, 2018 | 1.64 | 0.80 |
| Dec 31, 2017 | 1.26 | 0.82 |
| Dec 31, 2016 | 0.83 | 0.77 |
| Dec 31, 2015 | — | 0.69 |
| Dec 31, 2014 | — | 0.54 |
| Dec 31, 2013 | — | 0.50 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).